US BILLIONAIRES PLEDGE 50% OF THEIR WEALTH TO CHARITY
Baku, August 4 (AZERTAC). Thirty-eight US billionaires have pledged at least 50% of their wealth to charity through a campaign started by investor Warren Buffet and Microsoft founder Bill Gates, BBC reports.
They include New York Mayor Michael Bloomberg, CNN founder Ted Turner and entertainment executive Barry Diller.
The site says the pledge is a "moral commitment" not a "legal contract".
The campaign was started in June to convince US billionaires to give away at least half of their fortunes either during their lifetimes or after their deaths.
Those who pledge their money to "philanthropic causes and charitable organisations" must publicly state their intention through a letter of explanation.
Other billionaires who have pledged large sums of their money include film producer George Lucas, philanthropist David Rockefeller and oil investor T Boone Pickens.
The organization says many of the donors have committed to donating sums far greater than the 50% minimum level.
Bill Gates, who Forbes rates as the world`s second wealthiest person, has also given away more than $28bn to his foundation.
There are 403 billionaires living in the US, according to Forbes.
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